Grayscale filed Form S-1 with the US Securities and Exchange Commission to register a proposed BNB exchange-traded fund. The filing starts the formal review process under US securities rules. If approved, the fund would track the price of BNB through a publicly traded ETF. Trading would begin after the regulator grants clearance for listing.
The fund is established in Delaware and sponsored by Grayscale. The prospectus states the trust will hold BNB tied to the open source protocol running on the BNB Smart Chain.
Shares would reflect the amount of BNB held by the trust. Where staking conditions apply, the fund may include staking income in its performance. Can US regulators accept a utility-based argument for BNB after approving spot crypto ETFs?
The proposed ETF seeks to list on Nasdaq under the ticker GBNB. Shares would be created and redeemed in baskets of 10,000 shares through authorised participants. Transactions may occur in kind using BNB or in cash. This structure mirrors other single-asset crypto ETFs that use basket creation to support liquidity.
Coinbase would act as a prime broker, while Coinbase Custody Trust Company would provide custody. The Bank of New York Mellon would handle transfer and administrative duties. The trust uses a Delaware statutory structure. Coinbase Custody Trust Company would oversee the secure storage of BNB assets held by the fund.
The filing follows recent SEC approvals for spot ETFs tied to Bitcoin and Ethereum. Those approvals set a reference point for altcoin ETF proposals. BNB classification remains unresolved under US law. The SEC has alleged that BNB represents an unregistered security in past actions.
Grayscale disputes that view in the filing. The firm states BNB supports transactions, pays fees, and enables decentralised applications on BNB Smart Chain. The prospectus also outlines investor risks. The trust is not registered under the Investment Company Act. As a result, some protections tied to mutual funds would not apply.
The ETF would track the BNB price only. The filing states the fund would not use leverage or derivatives. Grayscale already offers single-asset products tied to XRP, Solana, Dogecoin and Chainlink. The firm has also applied to convert its NEAR Trust and filed for Bittensor and Zcash.
Competition continues to build. VanEck updated its BNB ETF filing. REX Osprey submitted a Binance Coin ETF proposal under the Investment Company Act of 1940.
Also Read: BNB Holds Above $900, Institutional Bitcoin Flows Rise, CME Expands Altcoin Futures
Grayscale has filed Form S-1 with the SEC to register a BNB ETF that would track BNB prices and list on Nasdaq. The fund plans in-kind and cash creations with Coinbase and BNY Mellon as key partners. Regulatory approval now determines whether BNB gains broader ETF access.